Belfast Telegraph

McAleer & Rushe firm MRP in funding deal

Brenda Monaghan of AIG Global Real Estate and Graham Mitchell of MRP
Brenda Monaghan of AIG Global Real Estate and Graham Mitchell of MRP

By Staff Reporter

MRP, the property division of Co Tyrone developer McAleer & Rushe, has announced a £100m finance deal for a new development.

MRP said the deal with AIG Global Real Estate is for the development of Onyx, student accommodation at Lancaster Circus in Birmingham. Work started on the 1,025-bed development in May 2018, with completion due next summer.

MRP and McAleer & Rushe have completed around 7,000 student bed accommodation with a further 3,500 beds for completion by 2022.

Graham Mitchell, development director at MRP, said: "The Onyx represents a significant landmark project... We are delighted to have concluded forward funding contracts with such a high-profile investor as AIG Global Real Estate for this prominent building and look forward to the opening in summer 2020."

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